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Take a Reality Check
Don’t solely rely on a lender or real-estate agent to determine what purchase amount is workable for you.
Set Money Aside
Before you build or buy a home, create an emergency fund.
This fund should include 3 to 6 months of typical living
expenses that would offset any unexpected home repair or
maintenance costs.
Determine Your Purchasing Power
Add every source of income that continuously arrives each month.
Add up all your monthly expenses and include everything such as
any savings, recreation, food, transportation, funded charities,
entertainment, credit card payments, etc.
Contact a Realtor and determine what you might need to pay for
property taxes and home insurance as well as utilities.
Subtract your monthly expenses, new home insurance, new property
taxes and new utility bills from your sources of income and take a
hard look at what you have left over.
After It’s all Said and Done
your total debt on a 15 year fixed rate mortgage
should not exceed 40% of your monthly gross
income.
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